What Is My Car Worth?

The first question which comes into mind when you’re looking to sell or trade your car is, ‘What is my car worth?’. Determining the value of your car is important because if you price it too high, you run the risk of not selling it for a considerable amount of time. But, if you price it too low, you may end up losing the amount you invested in the car.

Here are some tips of the trade on determining the value of a car and the key factors impacting it. With the demand for second-hand cars on the rise, figuring out the right value of your car is worth it.

What Are The Factors Determining The Value Of A Used Car?

One of the most important steps in determining the value of your car and setting a sales price is understanding what impacts its worth. The following factors play a crucial role:

Age

The age of a car is one of the most critical factors in determining its value. Generally, the value of a car decreases as it ages unless it is a vintage or classic model. The worth of a new car steadily decreases in the first few years of purchase and steadily declines thereafter on a monthly basis.

Make and model

Brands and models that are sought after generally retain their value and cost more due to their demand in the second-hand market. Similarly, certain models might stand out because of features like style, reliability, exclusivity or the demand in the market.

Mileage

Another important factor is the odometer reading of your car. The more distance/kilometres your car has, the lesser the worth and vice versa. This is due to the fact that a high odometer reading is associated with high wear and tear in the vehicle. Your car may have a higher resale value if it has done fewer kilometres for its age.

General condition

A car’s general condition can significantly impact your car’s value. This includes the condition of the interior and exterior of the car. Damage to the paint, body, tyres, lights, upholstery, electronics, electrical components and mechanical parts affects the value of a second-hand car.

Transmission

The transmission of your car can play a role in determining the price. Automatic cars are valued more than a car with a manual transmission, with some exceptions like luxury, sports and off-road cars.

History and registration

Cars with a clean history have a greater value in comparison to cars that have been written off. Buyers are inclined to pay more if the car has a clean history and hasn’t been involved in an accident or has a service history.

Vehicles with a roadworthy certificate can also fetch a higher price compared to one’s without a certificate.

Features

Your car’s resale value can be boosted by non-standard features such as an updated navigation system, automatic headlights, leather seats, upgraded multi-media systems, or reverse cameras.

Customisation and modifications like a sound system, super-sized wheels, or a spoiler might not necessarily translate into a higher monetary value and, in some cases, might even lower the price.

Market demand

The demand in the market affects the value of a used car as higher demand for specific models leads to increased resale value, making them more desirable and allowing sellers to ask for higher prices.

Compare Similar Used Cars

By researching the prices of comparable cars that are in a similar condition to yours on the internet, you can get an estimated value of your car. Saying that, the prices of a car can vary depending on the location, so it is good practice to do an Australia-wide price comparison of similar cars. You can compare second-hand cars on the basis of make, model, year, kilometres done and more.

Keep in mind that the asking price listed by advertisers is often open to negotiation. Make sure to factor this in when determining the value of your car.

Get A Car Valuation

The best way to find the worth of your car in the present market is to get a valuation that takes into account all factors that affect the price. For some cars, the estimate might change significantly over time. Online valuation tools provide you with the freedom to get an automated report without the need for a physical inspection.

Value My Car’s free online valuation tool gives you an instant and accurate price range for your used car in today’s market. The report, also known as the valuation certificate, is broken down to list the price in a private sale versus a trade-in. If you choose to sell independently or trade-in, having an unbiased report can help you negotiate effectively.

Don’t settle for less than what your car is worth. Get your instant car valuation today at Value My Car and discover the true worth of your vehicle.